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Accounting Basics 2

Authored by Amal Bissessar

Business

8th Grade

Used 1+ times

Accounting Basics 2
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the accounting equation?

Liabilities = Assets - Equity

Equity = Assets - Liabilities

Assets = Equity - Liabilities

Assets = Liabilities + Equity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are examples of assets in a business?

land, patents, goodwill, trademarks

buildings, vehicles, furniture, machinery

stocks, bonds, mutual funds, retirement accounts

cash, inventory, equipment, accounts receivable

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define liabilities in accounting.

Liabilities are expenses incurred by the company.

Liabilities are assets owned by the company.

Liabilities are the company's obligations or debts that arise during the course of business operations.

Liabilities refer to the company's revenue.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does capital represent in the accounting equation?

Owner's equity or net assets of the business

Total liabilities

Cost of goods sold

Revenue generated

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do you calculate liabilities in terms of assets and capital?

Liabilities = Total Equity - (Assets + Capital)

Liabilities = Total Equity * (Assets + Capital)

Liabilities = Total Equity / (Assets + Capital)

Liabilities = Total Equity + (Assets + Capital)

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the relationship between assets, liabilities, and capital.

Assets = Liabilities - Capital.

Assets are liabilities multiplied by capital.

Assets are what a company owes, liabilities are what it owns, and capital is the sum of the two.

Assets are what a company owns, liabilities are what it owes, and capital is the difference between the two. Assets = Liabilities + Capital.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If assets are $10,000 and liabilities are $3,000, what is the capital?

$12,000

$8,000

$7,000

$5,000

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